Why can't I swap my £20 notes?

I have £3,500 in £20 notes with Elgar's face on that will not be legal tender beyond the end of June.

I have asked the bank about changing the notes for new ones but I've been told I must pay the cash into an account.

Why can't I just change the old notes for new ones? D.M., Middlesex

Simon Moon from This is Money replies: The £20 notes that feature composer Sir Edward Elgar, most famous for his Enigma Variations, came into circulation in 1999 and lack the anti-counterfeiting measures designed into the new note that bears the image of Adam Smith.

Though after the end of June you will no longer be able to spend Elgar £20 notes in your local shop, banks and building societies will continue to accept them for several months for paying into an account.

As to why you simply cannot exchange new for old before the deadline, the Bank of England says: 'Agreeing to exchange notes is at the discretion of the individual institution.'

In other words, some banks are more helpful than others.

You may be surprised to learn that the Bank of England in the City of London has a public counter (9.30am to 3pm, Mon to Fri) where you can take your notes in person at any time in the future and have them exchanged.

You can also swap them by posting the notes to the BoE. The address is Dept NEX, Bank of England, Threadneedle Street, London EC2R 8AH.

Sums of £1,000 or more raise money laundering concerns and you would need to provide evidence of identification and proof of address.

You would also need to complete the Bank's form for members of the public who want to exchange notes.

• The Bank of England will accept notes of any age that are no longer in circulation and I was told people still turn up with 10 shilling notes and wartime white fivers.

These may be worth more than their face value to a collector, so it is worth consulting a coin dealer first.